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- US Dollar Index trades with mild losses around 98.45 in Monday’s early Asian session.
- Iran offered the US a proposal for reopening the Strait of Hormuz.
- The Fed interest rate decision will take center stage later on Wednesday.
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, currently trades near 98.45 during the Asian trading hours on Monday. The DXY edges lower after reports that Iran offered the US a proposal for reopening the Strait of Hormuz.
Bloomberg reported on Monday that Iran gave the US a new proposal to reopen the Strait of Hormuz and end the war, which includes putting off nuclear negotiations. The plan called for extending the ceasefire so both countries can work toward a permanent end to the fighting. Any hopes for the US-Iran ceasefire and easing tensions in the Middle East could drag the US Dollar lower against its rivals.
On Sunday, US President Donald Trump told Jared Kushner and Steve Witkoff to skip the trip to Pakistan, which is mediating talks, saying that Iran “offered a lot, but not enough.”
All eyes will be on the Fed interest rate decision on Wednesday. The US central bank is expected to keep the federal funds rate between 3.50% and 3.75%, where it has sat since January. Deutsche Bank analysts noted that a repricing of Fed policy toward a more hawkish stance, driven by persistent oil-related inflation, could boost the DXY.
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